Change to the board of directors CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the Company”) CHANGE TO THE BOARD OF DIRECTORS Calgro M3 wishes to announce the following change to the Company’s Board of Directors: In accordance with the notice issued by the Company on 11 May 2015, Mr John Gibbon will resign his post as Non-Executive Director with effect from 1 January 2016. Mr Gibbon was appointed to the Board of Directors of the Company on 1 November 2008 and has served the Company with enthusiasm and distinction. His contribution to the Company as Non-Executive Director has been immense and the Board wishes him well with his well deserved retirement. Ms Venete Klein CD (SA) is appointed as an independent Non-Executive Director with effect from 1 January 2016. Ms Klein has in excess of 30 years’ experience as a senior executive in the financial services industry. Amongst her directorships were appointments as Executive Director of Absa Retail Bank and Retail Business Bank, Ecobank Transnational, and appointments as Non- Executive Director of Post Bank SA, AllPay Consolidated Investment Holdings, Absa Trust, Absa Brokers, National Business Initiative, The Banking Association of South Africa, Ombudsman for Banking Services, ACSIS Wealth Managers and The South African Bureau of Standards. She was also a trustee of The Community Impact Trust. Ms Klein is currently one of the Governors of Chartered Directors South Africa, the Chairperson of the Institute of Directors of South Africa, a Non-Executive Director on the boards of The South African Reserve Bank, ESKOM, Old Mutual Wealth and PG Group Holdings, and a Trustee of the SANDF Education Trust. Ms Klein also serves on a number of audit, risk, social & ethics and remuneration committees of the boards of directors that she serves on. Ms Klein’s vast experience in the financial services industry combines neatly with her solid knowledge of governance with deep rooted business principles, which places her in a position to add significant value to the Board. The Board welcomes Ms Klein and wishes her luck in her new role and the challenges which the role will bring. Johannesburg 14 December 2015 Sponsor Grindrod Bank Limited Date: 14/12/2015 09:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.